Investor

Presentation

November 2025

Forward-Looking Statements

Disclaimer: Our commentary and responses to your questions may contain forward-looking statements, including our financial projections, within the

meaning of Section 21E of the Securities Exchange Act of 1934. Centrus undertakes no obligation to update any such statement to reflect later

developments. Factors that could cause actual results to vary materially from those discussed today include risks related to: the refusal or inability of Russian

government-owned entity TENEX, Joint-Stock Company (“TENEX”) to deliver LEU to us for any reason including but not limited to TENEX’s inability to obtain

licenses, in a timely manner or at all, pursuant to the November 2024 Russian Federation Decree 1544 which restricts the shipment of Russian LEU to the U.S.

without a specific license for each shipment; laws, bills or tariffs to ban or restrict (i) import of Russian material into the U.S. including the Prohibiting Russian

Uranium Imports Act (“Russian Imports Ban”) or (ii) transactions with Rosatom or its subsidiaries; the Company’s inability to secure additional waivers,

modifications to waivers, or other exceptions from the Russian Imports Ban or other sanctions in a timely manner or at all; the war in Ukraine and geopolitical

conflicts and the imposition of sanctions or other measures against TENEX or our other suppliers, or sanctions or other measures (including but not limited to

tariffs) that could impact our ability to purchase, obtain, deliver, transport or sell low-enriched uranium (LEU) under our existing supply contract with TENEX

or other suppliers; changes in the nuclear energy industry, pricing trends and demand in the uranium and enrichment markets and their impact on our

profitability, timing of physical delivery to customers, the competitive environment for our products and services; the impact and potential extended duration

of the current supply/demand imbalance in the market for LEU; trade barriers (including tariffs) and contract terms that limit our ability to deliver LEU to

customers; actions that may be taken by the U.S. government or other governments that could affect our ability, or the ability of our sources of supply, to

perform under contract obligations; the U.S. Department of Energy (“DOE”) not awarding contracts or task orders to the Company in response to any of the

Company’s proposals; DOE not issuing task orders under any of the LEU, HALEU, or Deconversion contracts or any major task orders to the Company under

those contracts; the Company not winning a task order under the LEU or HALEU contract to expand its respectively deploy its LEU or expand it’s HALEU

plant; DOE not providing adequate share of the appropriated funding; as well as those provided in our most recent Annual Report on Form 10-K and

subsequent reports as filed with the SEC.

Industry / Market Data: Industry and market data used in this presentation has been obtained from third-party industry publications and sources as well

as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you

of the data’s accuracy or completeness.

Proven Leadership

Amir Vexler Todd Tinelli Patrick Brown John M.A. Donelson, PE

President,

Chief Executive Officer

SVP,

CFO and Treasurer

SVP,

Field Operations

SVP,

Chief Marketing Officer

Education:

M.Eng. – University of Toronto

M.B.A – Wilfred Laurier University

Education:

B.S. – Sacred Heart University

M.B.A. – Western Connecticut

State University

Education:

B.S. – Thomas Edison University

M.B.A. – Tulane University

MSc – University of Oxford

Education:

M. Eng. – University of Virginia

M.B.A. – Queens University of

Charlotte

Prior Experience: Prior Experience: Prior Experience: Prior Experience:

Sprague Resources LP

CFO

National Grid

Vice President, Strategy and Operations

Duke Energy Corporation

Engineer

Newport News Shipbuilding

Engineer

Sempra Energy Trading Corp.

Senior Operation Analyst

Global Nuclear Fuels

CEO, Chairman of the Board

Orano USA

CEO, President

Ernst & Young

Senior Director, Strategy & Transformation

Urenco

Enrichment Operations Leader

U.S. Navy

Nuclear Power Operations

Premcor Refining

Senior Credit Analyst

Ticker and Exchange:

LEU (NYSE American)

Headquarters:

Bethesda, MD

Number of Employees

372

Market Capitalization

$5.4 billion

2024 Revenue:

$442.0 million

2024 Net Income:

$73.2 million

Centrus Overview

Compelling Investment Opportunity

National Security and Commercial Nuclear Supply Chain Partner

Uniquely positioned to serve national security needs

Leading Nuclear and Clean Technology Company

Forging the path towards U.S. energy independence

#1 American Uranium Enrichment Company

Facilitating the energy transition for a greener future

Key Facts

National Security

Technical Solutions

Enriched Uranium Fuel (LEU)

- LEU Customer

High-Assay Low-Enriched Uranium (HALEU)

79%

21%

Diverse Service Offering

$442M

2024 Revenue

Technical

Solutions

Segment

LEU

Segment

(1)

As of September 30, 2025

Nuclear Fuel Cycle

Uranium ore mining

Uranium ore milled into

yellow cake

Yellow cake converted into

gas

enriched to increase the

concentration of U

235

Enriched UF

fabricated into

fuel pellets

Nuclear Reactor

Legend

• LEU segment: Acting as a broker, Centrus provides

the enrichment component of LEU primarily to utilities

that operate commercial nuclear power plants.

• The enrichment component of LEU is measured in

Separative Work Units (SWU).

• Centrus also sells natural uranium hexafluoride (UF

)

and occasionally sells uranium concentrates, uranium

conversion, or LEU with the natural uranium

hexafluoride and SWU components combined into

one sale.

• CTS Segment: Includes Centrus’ technical solutions

and in-house enrichment operations, dedicated to the

restoration of America's domestic uranium enrichment

capabilities for LEU and HALEU.

Current Operating Structure

Centrus

LEU Segment

CTS Segment

Engineering

Services

Business Unit

Government

Services

Commercial

Services

Fuel Components

Manufacturing

Business Unit

Commercial

Production

National

Security

Production

Advanced

Technology

Production

Consolidation Level

Broker business supporting customers’ fuel needs

Enrichment and technical services

Legend

Current and future HALEU production, future LEU

production, and other uranium enrichment in the future

for national security missions.

Leveraging Centrus’ technical capabilities to provide a

range of other products and services for public and

private customers.

Future LEU production for the existing reactor fleet.

• TAM: ~$4.3B per year

Future uranium enrichment for U.S. national security missions.

• TAM: ~$3.1B to $4.8B overall

Current and future HALEU production for next-

generation small modular reactors and microreactors.

• TAM: ~$6.2B per year by 2035

National Laboratories and other government entities.

Untapped market. Engineering, advanced manufacturing

and other technical services for commercial entities.

TAM = total addressable market; see slide 10 for more information

Financial Snapshot

Contingent LEU Sales

Commitments (included in Backlog)

Annual Net Income Growth

2017-2024 CAGR

Reduction in Annual SG&A

Cost 2018-2024

Backlog

as of 9/30/2025 (Including

contract options and LOIs)

Unrestricted Cash & Cash

Equivalents

as of 9/30/2025

Deferred tax asset,

net of valuation allowance

as of 9/30/2025

$2.3B

29%

$3.7M

$3.9B

$1.6B

$25.8M

Financial strength and flexibility, coupled with favorable industry tailwinds, positions Centrus for growth

The World Embracing Nuclear Energy

1/22/24

3/3/24

1/6/24

Achieving Global Targets Requires Nuclear

40%

Expected growth in nuclear over next three

decades without new climate policies

Achieving net zero emissions by 2050 would

mean tripling U.S. nuclear generation

100%

Nuclear energy would have to more than

double to meet global climate targets

9/10

9 out of the 10 reactors selected by the

Department of Energy’s Advanced Reactor

Demonstration Program operate on HALEU

Pathways to Commercial Liftoff, U.S. Department of Energy (March 2023)

Median scenario of International Panel on Climate Change study that evaluated 85 possible pathways to meeting global climate targets

“[We] have identified potential areas of collaboration on nuclear fuels to support the stable supply

of fuels for the operating reactor fleets of today, enable the development and deployment of fuels

for the advanced reactors of tomorrow, and achieve reduced dependence on Russian supply chains”

“It’s a technology we developed, but yet we import most of it from abroad, and most that’s enriched

in the U.S. is by companies that are not American companies…We need to build American

infrastructure, on mining, on enrichment….It is very sad how dependent we have become on imported

enriched uranium from Russia”

National SecurityCommercial Strategy

• Centrus’ diverse base of enrichment supply includes inventory, medium- and

long-term supply contracts, and spot purchases.

• Long-term supply contracts for SWU with Russian (TENEX) and French

(Orano) enrichment companies

• U.S. utilities purchased ~3.9 million Russian-origin SWU from Centrus and

Russia in 2023

• 24% of U.S. demand in 2023

$3.0B LEU

Revenue

Backlog

Through 2040

Utility

Customers:

U.S., Asia,

Europe

Global

Network

Enriched

Uranium

Suppliers

• Centrus’ AC100M centrifuge is the only deployment-ready U.S. technology

capable of meeting national security requirements.

An integral element of the nuclear supply chain, servicing both government and commercial customers

Centrus has successfully demonstrated LEU and HALEU production capabilities

Nuclear Forces

Tritium Production (LEU)

Naval Reactors

(HEU)

Space Missions

(HALEU)

Military Microreactors

(HALEU)

Nonproliferation

Research Reactor Conversion (HALEU)

Reactor Demonstrations

(HALEU)

DEFENSE MISSIONS

OTHER MISSIONS

Central to the Nuclear Value Chain

Strong and Growing Total Addressable Market

Global Utilities

Advanced

Reactors

U.S.

Reactors

National Security

Positioned to Capitalize on Significant and Growing TAM Opportunity

• LEU opportunity

• $2.4 Billion per year

• HALEU opportunity

• $2.2 Billion per year by 2030

• $6.2 Billion per year by 2035

• LEU opportunity

• $1.9 Billion per year

Catalyst: ~$3.4B federal investment in HALEU and LEU

~$700M for HALEU in the Inflation Reduction Act + $2.7B for LEU and HALEU signed into law as part of the Consolidated Appropriations Act of 2024.

Based on the World Nuclear Association’s

estimated U.S. annual demand (~15M SWU/yr) at

current market price of ~$160/SWU.

Based on the NEI survey of reactor developers for

HALEU demand, assuming average 17% U235.

Enrichment of LEU feedstock at market price of

$160/SWU. HALEU enrichment is based on the

Nuclear Innovation Alliance Dec. 2023 estimate of

$1,000 per HALEU SWU. This results in a blended

SWU price of $262/SWU. Actual quantities and

prices will vary based on market conditions.

Based on the U.S. Department of Energy’s

estimate of the cost of building a national

security uranium enrichment capability as part of

its 2015 Tritium and Enriched Uranium

Management Plan.

Accessible market size is based on a market

enrichment price of $160/SWU times the total

annual SWU requirements of Japan, Korea, Ukraine,

South Africa, Brazil, Mexico, and the UAE, plus 20%

of the annual SWU requirements of Western

European and Central European nations, as

identified in the World Nuclear Association’s 2023

Fuel Market Report. Excludes cost of natural uranium,

conversion or fuel fabrication.

Current

Future

Market Opportunity

• LEU, HALEU & HEU opportunity

• $3.1-$4.8 Billion

Centrus Go-to-Market

• Stable cashflow generation with market-leading

cost position

• Distribution business with leading position

connected to the full value chain and years of

experience developing relationships

• Well-entrenched player across the entire global

nuclear supply chain from beginning through to

customer delivery

• Conversion

• Enrichment

• Fabrication

• Deconversion

• De-risked technology and capabilities

LEU Segment

• High-growth segment with tremendous

opportunity across commercial and government

customers

• National security

• Advanced nuclear reactor market

• Existing nuclear reactor fleet

• Only deployment-ready U.S. technology

capable of meeting national security

requirements

• Demonstrated success in producing high-assay,

low enriched uranium (HALEU) and only holder of

Nuclear Regulatory Commission (NRC) license to

produce HALEU

• Strong asset base with proven ability to produce

LEU to support existing global commercial

nuclear fleet of reactors

CTS Segment

Unique and diversified business model with both stable and high-growth opportunities

Segment Summary

LEU Segment Overview – Broker/Trader Business

Supplying components of nuclear fuel to utilities from a global network of suppliers

• Stable cashflow positive business involved in the sale of nuclear

fuel components to commercial nuclear power plants.

➢ The majority of these sales are for the enrichment component

of LEU, measured in separative work units (“SWU”)

➢ Centrus also sells natural uranium hexafluoride (the raw

material needed to produce LEU) and occasionally sells

uranium concentrates, uranium conversion, or LEU with the

natural uranium hexafluoride and SWU components combined

into one sale.

• Global LEU Backlog includes long-term sales contracts with major

utilities through 2040

• Diverse base of firm and prospective supply that includes:

✓ Existing inventory of LEU

✓ Mid-and long-term contracts with enrichment producers

✓ Purchases and loans from secondary sources

✓ Spot purchases of SWU, uranium and LEU

Differentiators

$3.9B Revenue Backlog with contracts through 2040;

LEU segment Backlog of ~$3.0B

World’s most diversified supplier of enriched uranium

Business relationships with 35+ nuclear utilities

Leading customers include Fortune 500 utilities

CTS Segment Overview

Segment Summary

• Deploying advanced uranium enrichment capabilities to meet the evolving

needs of the global nuclear industry and the U.S. government

• Demonstrated ability to produce HALEU, used to fuel most major

advanced reactors in development

• Opportunity to resume production of LEU for existing reactors as utilities

transition away from Russian imports

• Technical, manufacturing, engineering and operations services offered to

public and private sector customers

Differentiators

Built the only U.S. facility licensed to produce HALEU. Already

licensed for LEU production

Capacity is scalable to meet any level of demand

Only deployment-ready U.S. technology capable of

meeting national security requirements for enriched uranium

Manufacturing facility in Oak Ridge, Tennessee and production

facility in Piketon, Ohio

Advanced Manufacturing (Services and Capabilities):

• Sustained volume production at

ultra-high precision at our

440,000 square ft. climate-

controlled manufacturing facility

• The ability to manufacture using

almost any metal or composite

• High precision composites

fabrication for parts with on-site

testing of finished product

• Robust engineering and project

management functions with a full

suite of software platforms to

support government and other

projects

Strong Relationships with Key Nuclear Players

Signed several agreements with key nuclear players to further spur development of next-generation nuclear capabilities

Oklo

Oklo is a developer of advanced fission

power plants seeking to provide clean,

reliable and affordable energy at scale

through its HALEU Aurora reactor

TerraPower

Nuclear innovation company

developing multiple classes of advanced

reactors including a Molten Chloride

design, Traveling Wave Design and

HALEU SMR

X-Energy

X-energy is a developer of an advanced

Small Modular Reactor and fuel

technology seeking to redefine the

nuclear industry through its flagship

HALEU SMR, the Xe-100

Subsidiary of the Korea Electric Power

Corporation. It operates large nuclear and

hydroelectric plants in South Korea,

which are responsible for about 27

percent of the country's electric power

KHNP

Abundant Room for Expansion

Operational footprint exceeds requirements to meet full range of commercial and national security requirements for LEU and HALEU

• Existing process buildings can host approximately 3.5 million SWU per year

✓ Ability to expand to 7 million SWU per year

• Began HALEU enrichment operations on October 11, 2023, under

Department of Energy Operations Contract

✓ Completed Phase I of Operations Contract and successfully delivered 20

kilograms of HALEU ahead of schedule and under budget

✓ Completed Phase II with 900 kilograms of HALEU contractually delivered

to the DOE

Investing in the FutureProven Infrastructure

• 11/20/24: Announced it is resuming centrifuge manufacturing activities

and expanding its manufacturing capacity at Oak Ridge, Tennessee,

facility

✓ Investing additional $60 million over next 18 months

✓ Investment lays groundwork to support potential large-scale

expansion of uranium enrichment in Centrus’ Piketon, Ohio, facility

• Technology exclusively manufactured in Oak Ridge and supported by

nationwide supply chain of 14 major suppliers

✓ All suppliers are American companies

✓ Operations in at least 13 states plus dozens of other smaller suppliers

Department of Energy HALEU Contract Award

November 2022: Won HALEU Operations Contract, providing for years of continuous

cascade operations

Project Timeline

Contract Benefits

• First U.S.-owned, U.S.-technology

enrichment plant to begin production

in 70 years

• Critical step toward restoring domestic

enrichment capabilities

• ~$230 million base contract value for

two phases through June 2025,

subject to further negotiation

• Capacity for Centrus to scale up

Piketon facility for additional HALEU

production outside the DOE contract

Phase 1 Phase 2 Phase 3

Objective

• Complete construction of

cascade

• Demonstrate production of

20kg of HALEU

• Full year

of production and

operations and a

production target of 900kg

of HALEU

• DOE exercised First Option

period of Phase 3

Timing

• Completed ahead of

schedule and under

budget

• Phase 2 production

Completed

• Through June 30, 2026

Financial

Impact

• $30 million cost share

contribution by Centrus

• $30 million contribution by

DOE

• Cost-plus-incentive-fee

basis

• ~$170 million Fully funded

value

• Cost-plus-incentive-fee basis

• DOE option to exercise

additional option periods

• First Option:

•Target Cost: $99.3 million

•Target Fee: $8.7 million

9 of 10 advanced nuclear reactor designs selected for funding under DOE

Advanced Reactor Demonstration Program will rely on HALEU

Period of performance was extended by 8 months through contract modification

Extension period subject to further negotiation

Russian Uranium Imports Ban Law as Potential Tailwind

76%

24%

U.S. Utility Enrichment

Purchases (2023)

Russia

Other Foreign,

State-Owned

Corporations

Imports Ban LawCurrent Status Quo

Global

enrichment

deficit absent

Russian supply

~13M

SWU/yr

Equivalent to entire annual requirements

of either U.S. or Europe

Russian-origin

SWU purchased

by U.S. utilities

in 2023

~3.9M

The Prohibiting Russian Uranium Imports Act

✓ Signed by President on May 13, 2024 – effectively eliminates

Russia as a competitor for enriched uranium in U.S. post 2027

✓ Released $2.7 Billion in funding to promote the development of

domestic uranium enrichment

*November 2024 Russian Federation Decree puts immediate

restrictions on exporting Russian LEU from Russia to the U.S.

✓ Centrus continues to receive shipments of enriched uranium*

20% U.S. electricity from nuclear energy

DOE Waivers Granted

✓ Waivers granted to Centrus for Russian supply for 2024 and 2025

✓ Received DOE waivers for committed 2026 and 2027 deliveries

✓ Centrus has waiver request pending for uncommitted 2026 and

2027 deliveries

Waivers issued to Centrus by Department of Energy

* TENEX has informed Centrus of its plan to seek additional export licenses to meet its delivery obligations under the

TENEX Supply Contract for our other pending and future orders.

Glossary of Terms and Abbreviations

Abbreviation

Definition

LEU

Low

-Enriched Uranium: used in majority of existing commercial reactors with a U-235 enrichment level just below 5%

HALEU

High

-Assay, Low-Enriched Uranium: required by majority of next generation reactors, U-235 enriched as high as 19.75%

HEU

Highly Enriched Uranium: 20% or higher concentration of U

-235

SWU

Separative Work Unit: unit by which LEU uranium enrichment is bought and sold

Piketon

Production facility in Piketon, Ohio, where LEU and HALEU production has been licensed and successfully proven

NRC

U.S. Nuclear Regulatory Commission

NRC License

Centrus currently is the only company with an NRC license to enrich uranium up to the 20% U

-235 concentration that is contained

in HALEU

and is the only company known to Centrus to produce HALEU outside of Russia.

Separately, Centrus was an LEU enricher until 2013 and its Piketon facility is already licensed for LEU production.

TAM

Total addressable market

TENEX

Russian government

-owned entity TENEX, Joint-Stock Company

Russian Uranium

Import Ban

H.R. 1042

- Prohibiting Russian Uranium Imports Act - signed into law by President Biden on May 13, 2024, prohibits importation of

Russian material with potential waivers to 2028.

The Department of Energy may waive the ban if DOE determines that: (1) no alternative viable source of low

-enriched uranium is

available to sustain the continued operation of a nuclear reactor or a U.S. nuclear energy company, or (2) importation of the

anium is in

the national interest. Any waiver issued must terminate by January 1, 2028. The ban terminates on December 31, 2040.